How Conflict in the Middle East is Impacting Maritime

AI Summary

The conflict in the Middle East is constraining cargo availability and increasing risks in regional waters, affecting the maritime oil product transport market. The crude market has outperformed, with many vessels impacted this year due to instability and security concerns in the region.

Roughly 70 LR2s, equivalent to 154 MR2s in dwt terms, have reportedly dirtied up so far this year, as the crude market considerably outperformed the oil products market. The predominant market for product carrying LR2s is out of the Middle East Gulf, but with the region’s cargo availability constrained and waters risky, earnings potential for ...